In a statement to shareholders, the major bank said approximately 17 million notes were issued at an issue price of $100 each.

“All applications under the reinvestment offer have been accepted in full, including applications made through syndicate brokers,” Westpac said.

“Allocations to syndicate brokers were determined under the bookbuild and scaled back as agreed amongst Westpac and the joint lead managers.”

Westpac said notes have been allocated under the Securityholder Offer on the basis that the first $25,000 of each application has been accepted in full, and that 87.5 per cent of application payments in excess of $2,500 have been accepted.

Institutional investors have been individually advised of their allocations.

Over the 2015 calendar year, Westpac materially strengthened its balance sheet by raising an additional $6 billion in equity.